Buying Land Contract
Is it possible for someone who has a land contract on your home, to sell that land contract to someonelse for the value remaining on the mortgage, or do you as the owner have to be the one to sell it. Or can it even be sold during the time frame of the contract???
Yes, since the person who sold via land contract is technically still the owner and deedholder until all installments are paid, they can sell that cash flow instrument, happens every day.
Please note that there are two kinds of situations here.
1. You sold your property via land contract to an end buyer who is making installment payments to you, that are over and above any mortgage payments you have for underlying liens on your property.
2. You sold your property via land contract to an investor, who then in turn sold it via land contract to an actual end buyer, keeping the spread in the middle and who probably got an upfront down payment (this is a sandwich type land contract investing method, akin to sandwich lease/options - in both cases you are buying AND selling, as an investor, via either of those investment methods)
Which one is yours?
If your situation falls under #1, we can help you liquidate that contract for a cash lump sum, paying off the underlyling lien, or if the terms of the underlying lien are favorable enough, we can help you sell the spread between land contract and your mortgage payment (the "wrap" or spread) for a cash lump sum.
Hope this helps, Dave
Yes this helps, we are the ones living in the home who bought the home on a land contract. We have since been called away for business purposes, and want to sell the home. Our owner said she found someone to purchase the home, and we were unaware of the legalities in this. Do we just sign over the home, and the owner will take care of rest? We will not get anything out of the sale either will we??? We need someone to buy the home and dont want to loose if possible. thank you so much,
YOu will have to consult an attorney, and consult your paperwork and read through three times so you understand the terms, then meet with counsel.
Good luck, Dave
Does your company buy out exsisting Land Contracts. So you would buy it from us and then you would hold the contract between the owner and you????And if so, do you purchaces it for what is remaining on our exsisting contract only?